February Met Real Estate Update..Always Here to Help If You Have Any Questions
Kevin Mcdonald the Realtor 818-256-7514
February 2022 Met Real Estate Update
Hello Friends and Neighbors!
February was another strong month for sales in the complex. The Met had a record sale in the complex for a 3 bedroom that sold for $645k. What a crazy price for a unit in the complex! Most of the sales completed in the complex this month came in at prices higher than the previous month. With the record low inventory in the complex, it doesn’t appear the recent increase in HOA dues is affecting desirability of units in the complex. The two and three bedroom market is still going very strong. One bedroom unit market is still strong as well, but not at the same level of the larger units.
Current inventory in the Met is quite low with most of the listings that have recently come out have gone into escrow very quickly. Our current listings have garnered multiple showings and interest right away as well. We are watching how quickly the current inventory moves to gauge the temperature of the market. We listed a 2nd floor 1 bedroom unit that has an accepted offer at a price that would make it a record breaking sale.
Feel free to reach out for more details about the market conditions and my knowledge on any units.
Property values in the Met are highly dependent on their location and interior upgrades. Feel free to contact me if you have any questions about how the market is doing and what your unit could potentially fetch in today’s market.
Thinking About Buying?
The environment for buyers looks to have improved a little bit as we were able to get multiple buyers in escrow that needed to sell their units first which was something that was much more difficult to do in prior months without really overbidding on a property. Feel free to reach out if you have any questions about current buying conditions.
Here’s a link to the current and in escrow inventory:
Rental Activity Update:
We get asked about rental activity at the Met quite often so we’ve added additional information to our updates that may be of interest. Please let us know if you have any questions about the rental or sale market.
Southland Association of Realtors January 2022
SFV Real Estate Highlights
Single -Family Home Price Inches Closer to $1 Million.
The median price of single -family homes that changed owners during January set a record high at $967,000, the Southland Regional Association of Realtors reported today. It was up 15.8 percent from a year ago, breaking the prior record of $960,000 set in September.
The condominium median price of $570,000 was up 17.5 percent over January 2021, yet 1.7 percent below the condo record high of $580,000 set in October. “With homes selling within a few weeks, limited inventory, continued strong demand, and interest rates, while higher than a few weeks ago, still very attractive, the upward pressure on prices remains unrelenting,” said Jeff Phillips, president of the 11,000 - member Southland Regional Association of Realtors.
“Prices will continue rise this year, unless owners realize now is a great time to sell and listings expand dramatically. I’d be surprised if either happened.” A total of 443 home and condominiums were listed for sale during January throughout the San Fernando Valley.
San Fernando Valley Sales Press Release January 2022 Excluding Extended Area (Continued) That was up from the record low of 381 listings in December, yet down 33.1 percent from a year ago. “Listings have been on a steady decline for multiple years,” said Tim Johnson, the Association’s chief executive officer. “Owners who may be hesitating to sell for fear their property taxes might go up with the purchase of a replacement residence may find that is not necessarily the case because of Proposition 19, a new law that took effect Feb. 16.” Johnson urged owners to contact their Realtor or local tax assessor to learn about Proposition 19. Yet in the absence of a change of heart by current owners, Johnson said only a massive, ongoing building campaign can provide the inventory needed to give buyers in all price ranges more options and ease pressure off prices. Local Realtors assisted in 297 single-family home sales during January, according to SRAR statistics.
That was down 27.4 percent from a year and got the year off to one of its slowest starts on record. “You can’t sell what you don’t have,” said Phillips. “The market may slow slightly as rates rise, yet sales likely will remain solid and we believe sales will pick up as the year progresses.” The 443 active listings reported by the Association represented a 1.0-month supply at the current pace of sales. Pending escrows, an indicator of future activity, totalled 439, which was down 27.6 percent from January 2021.
The Southland Regional Association of REALTORS® is a local trade association with 11,000 members serving the San Fernando and Santa Clarita Valleys. SRAR is one of the largest local associations in the nation.
If you are a homeowner looking to sell and purchase, sellers are now more willing to take contracts from buyers contingent on selling. If you are considering selling at this time, We would highly recommend sitting down with your realtor (hopefully us) and discussing your specific unit and how it compares to the current inventory. We’d love to interview with you if you do not currently have a realtor.
Values are still at or near peak values, but the sales climate is changing.
We’d recommend anyone who has their property as a rental contact me to discuss the market conditions before you decide to rent the property out for another year or sell.
I’d love to help you make an informed decision with no pressure or obligation. This is why it is important to consult with someone who is an expert in the complex so you don’t waste time on the market at a price that the market will not respond to. We can also advise on what improvements can net you the best ROI when it comes time to sell.
It may be a good time to consider selling for anyone thinking about taking their equity and purchasing a new home. There are still many opportunities out there for anyone looking to move up to a bigger home or move closer to shorten your commute.
If there’s anything you need, Real Estate related or not, please feel free to contact me at kmcdona...@gmail.com or 818-256-7514.
Met Woodland Hills Inventory Level Today:
2 Active Listings
10 Listings in Escrow
Link to Current Met Inventory:
Latest Customer Testimonial:
I lived in a condo at the Met in Woodland Hills for over 10 years and have received the market updates, postcards and flyers from realtors Kevin McDonald and Kevin Godley for many years. When it was time to sell my condo, I contacted Kevin McDonald and mentioned that I was thinking about selling my condo. I wasn’t sure, so Kevin would check in on me to ask me if I had any questions or needed help with getting the condo ready to sell. He referred me to a good HVAC vendor since I needed to get my unit either fixed or replaced. Once I had the unit ready to sell, Kevin arranged for a professional photographer to take pictures and visually stage the unit. I was impressed with the final outcome! Due to COVID, I never met Kevin in person, but we had an initial zoom chat and utilized emails, phone calls, and text message to communicate, which I appreciated. I was provided with the internet viewing activity on a regular basis and given feedback on appointments to see my unit. Documents were also signed electronically except for the escrow documents that required an original signature. I felt that Kevin was able to provide me with enough information at each step and he also followed-up with me on each of the deadlines during the escrow process. Kevin even helped me save $$ by walking me through how to check if my fireplace was working, since I never used it. That was much appreciated!! The escrow company that Kevin works with, Ridgegate escrow, was also great at answering any questions I had about the documents. Escrow closed and I am so happy that it closed on time! Thank you Kevin and Kevin! I would highly recommend either of them if you need a reliable, knowledgeable, and friendly realtor.
-Joyce N., Sold 1 Bedroom Woodland Hills Condo with Kevin & Kevin
Always At Your Service,
Kevin McDonald & Kevin Godley
The 818 Life
Realtor & Met Woodland Hills Homeowner
Pinnacle Estate Properties
Lic# 01810388/01216088
If your property is currently listed with another Broker, this is not intended as a solicitation of that listing. This information is based on all homes closed in “The Met” as reported through the Southland Regional Association of Realtors multiple listing service.
Want to View Some Homes on the Market?? Want to View a Different Area? Contact me at 818-256-7514.
If your property is currently listed with another Broker, this is not intended as a solicitation of that listing. This information is based on all homes closed in “The Met” as of 3/1/2022 as reported through the Southland Regional Association of Realtors multiple listing service. Not all homes listed are represented by Kevin Mcdonald, Kevin Godley or Pinnacle Estate Properties.